Slides
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June 2025 Company Update
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Forward-Looking Statements And Non-GAAP Financial Measures Forward-Looking Statements: We make forward-looking statements in this presentation that are subject to risks and uncertainties. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans and objectives. When we use the words “believe,” “expect,” “anticipate,” “estimate,” “plan,” “continue,” “intend,” “should,” “may” or similar expressions, we intend to identify forward-looking statements. The forward-looking statements contained in this presentation reflect our current views about future events and are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances that may cause our actual results to differ significantly from those expressed in any forward-looking statement. The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. Forward-looking statements are not predictions of future events. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us. Some of these factors are described in our annual report on Form 10-K filed with the SEC on February 27, 2025 (the “Annual Report”) and quarterly report on Form 10-Q filed with the SEC on May 6, 2025 under the headings “business,” “risk factors,” “properties,” and “management’s discussion and analysis of financial condition and results of operations,” as applicable. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. If a change occurs, our business, financial condition, liquidity and results of operations may vary materially from those expressed in our forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made. New risks and uncertainties arise over time, and it is not possible for us to predict those events or how they may affect us. Except as required by law, we are not obligated to, and do not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This presentation and the information contained herein are for informational purposes only and may not be relied upon for any purpose, including in connection with the purchase or sale of any of our securities. Such information does not constitute an offer to sell or a solicitation of an offer to buy any security described herein. Non-GAAP Financial Measures: This presentation contains certain non-GAAP financial measures, such as funds from operations ("FFO"), Core FFO, net operating income ("NOI"), EBITDA, and Adjusted EBITDA, which are each defined in NSA’s Annual Report. These non-GAAP financial measures are presented because NSA's management believes these measures help investors understand NSA's business, performance and ability to earn and distribute cash to its shareholders by providing perspectives not immediately apparent from net income (loss). These measures are also frequently used by securities analysts, investors and other interested parties. The presentation of FFO, Core FFO, NOI, EBITDA, and Adjusted EBITDA herein are not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP and should not be considered as alternative measures of liquidity. In addition, NSA's definitions and method of calculating these measures may be different from those used by other companies, and, accordingly, may not be comparable to similar measures as defined and calculated by other companies that do not use the same methodology as NSA. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP measures for the three months ended March 31, 2025, 2024, 2023, 2022 and 2021, December 31, 2024, 2023, 2022, 2021 and 2020, September 30, 2024, 2023, 2022, 2021, and 2020, and June 30, 2024, 2023, 2022, 2021 and 2020 are available in NSA’s earnings releases for such period ends, which are furnished to the SEC quarterly as Exhibit 99.1 on Current Reports on Form 8-K pursuant to Item 2.02. Information in this presentation is as of March 31, 2025, except as otherwise noted. See "Definitions and Methodology" in the Appendix for certain definitions and calculation methodologies of certain terms and metrics used herein.
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Table Of Contents Company Overview Track Record Of Performance Multi-Faceted Growth Strategy Self Storage Industry Overview Flexible Capital Structure Supports Future Growth Corporate Responsibility Overview Appendix (Including Definitions And Methodology) 3 Poised For A Recovery
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Poised For A Recovery 1 4
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5 Self Storage Supply Has Peaked And Is Projected To Decline Substantially POISED FOR A RECOVERY | SELF STORAGE INDUSTRY OVERVIEW | COMPANY OVERVIEW | TRACK RECORD OF PERFORMANCE | MULTI-FACETED GROWTH STRATEGY | FLEXIBLE CAPITAL STRUCTURE | CORPORATE RESPONSIBILITY | APPENDIX National Annual Completions Declining Well Below Historical Averages Source: Yardi Long-Term Average: 4.2% 0% 1% 2% 3% 4% 5% 6% 7% 8% 0 10M 20M 30M 40M 50M 60M 70M 80M 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 (F) 2026 (F) 2027 (F) 2028 (F) 2029 (F) 2030 (F) Net Rentable Square Feet Supply % Stock
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6 The Housing Market Is Bottoming, Building Pent-Up Demand For A Recovery POISED FOR A RECOVERY | SELF STORAGE INDUSTRY OVERVIEW | COMPANY OVERVIEW | TRACK RECORD OF PERFORMANCE | MULTI-FACETED GROWTH STRATEGY | FLEXIBLE CAPITAL STRUCTURE | CORPORATE RESPONSIBILITY | APPENDIX Turnover In The US Housing Market Is At Its Lowest Levels In ~40 Years Source: NAR, US Census Bureau, Morgan Stanley 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 9.00% 1980 - Q1 1982 - Q1 1984 - Q1 1986 - Q1 1988 - Q1 1990 - Q1 1992 - Q1 1994 - Q1 1996 - Q1 1998 - Q1 2000 - Q1 2002 - Q1 2004 - Q1 2006 - Q1 2008 - Q1 2010 - Q1 2012 - Q1 2014 - Q1 2016 - Q1 2018 - Q1 2020 - Q1 2022 - Q1 2024 - Q1 Housing Turnover Current Level
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7 When The Housing Market Recovers, We Anticipate An Outsized Benefit POISED FOR A RECOVERY | SELF STORAGE INDUSTRY OVERVIEW | COMPANY OVERVIEW | TRACK RECORD OF PERFORMANCE | MULTI-FACETED GROWTH STRATEGY | FLEXIBLE CAPITAL STRUCTURE | CORPORATE RESPONSIBILITY | APPENDIX NSA’s Suburban Portfolio May Be More Impacted By A Housing Recovery Than Peers (1) Based on 5-mile trade area around each property. Source: Yardi, Esri (2) Source: S&P GMI, NAR 53.0% 53.5% 54.0% 54.5% 55.0% 55.5% 56.0% 56.5% 57.0% 57.5% NSA EXR CUBE PSA % of Housing Occupied By Homeowners NSA’s Portfolio Is More Sensitive To The Level Of Existing Home Sales(2) NSA’s Markets Have A Higher Level Of Homeowners Than Peers’ Markets(1) 0.9 1.0 1.1 1.2 1.3 1.4 1.5 1.6 1.7 82.0% 84.0% 86.0% 88.0% 90.0% 92.0% 94.0% 96.0% 98.0% 1Q15 3Q15 1Q16 3Q16 1Q17 3Q17 1Q18 3Q18 1Q19 3Q19 1Q20 3Q20 1Q21 3Q21 1Q22 3Q22 1Q23 3Q23 1Q24 3Q24 1Q25 Quarterly Existing Home Sales (Millions) Same-Store Occupancy CUBE EXR NSA PSA Existing Home Sales
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8 Investing In Our Company To Position NSA for Growth POISED FOR A RECOVERY | SELF STORAGE INDUSTRY OVERVIEW | COMPANY OVERVIEW | TRACK RECORD OF PERFORMANCE | MULTI-FACETED GROWTH STRATEGY | FLEXIBLE CAPITAL STRUCTURE | CORPORATE RESPONSIBILITY | APPENDIX Building Bench Strength To Better Manage And Support Internal Growth • Strategic hires include VPs of Performance, Digital Marketing, and IT • Successfully grew operations and corporate team by absorbing PRO staff • Targeting markets where expansions will benefit NSA portfolio • Optimizing properties through unit reconfigurations to drive long-term occupancy and margin upside • Implemented new property management system and improved data warehouse to streamline operations and reporting • Continue to improve dynamic models and pricing algorithms to maximize revenue • Utilizing AI to drive more efficiencies across the company • Brand consolidation helping to strengthen marketing penetration • SEO and improved digital visibility • Centralized call center utilizing AI to enhance customer interactions • Initiated selling non-core markets and individual properties in 2023 • Focus is on exiting older facilities with lower NOI margins, higher vacancies and less dense markets than portfolio average • Using proceeds to add density in core markets, increasing marketing effectiveness and operational efficiencies • Utilizing proceeds from dispositions to delever in the near-term • Expected organic growth supports reduction in leverage over next several quarters Improving Existing Portfolio Through Revenue Enhancing Projects Investing In Technology To Upgrade Platform Execution Enhancing Our Marketing Strategy Recycling Capital To Improve Portfolio Quality Deleveraging Balance Sheet To Move Back Into Target Ranges
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9 NSA Has Strengthened Its Team Post PRO-Transition POISED FOR A RECOVERY | SELF STORAGE INDUSTRY OVERVIEW | COMPANY OVERVIEW | TRACK RECORD OF PERFORMANCE | MULTI-FACETED GROWTH STRATEGY | FLEXIBLE CAPITAL STRUCTURE | CORPORATE RESPONSIBILITY | APPENDIX Recent Hires Strategically Focused on Maximizing Results VP of Performance • Experience: Nine years of revenue management and data science in the self storage sector and ten years of retail operations leadership • Oversees data science and revenue management • Develops pricing algorithms to maximize revenues • Optimizes paid spend bidding, pricing/promotions, and rental/vacate forecasting • Integrates advanced data science techniques to create actionable insights for performance improvement across NSA • Added two data scientists and two revenue managers to the team VP of Digital Marketing • Experience: Over 13 years of digital marketing in the self storage sector • Oversees paid search, SEO, local search, website, and digital performance analytics • Drives demand and move-ins through performance marketing, conversion optimization, and scalable digital strategies • Leads cross-functional initiatives to align digital marketing with operations and revenue goals VP of Information Technology • Experience: 25 years of IT, including over 15 years helping customers design resilient and secure enterprise architectures • Oversees corporate, field and store- level IT • Implements technology modernization at the store level to better serve our customers and make team members more efficient • Increases cybersecurity controls to better protect our data, brand, and reputation
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Capital Recycling To Optimize Portfolio 10POISED FOR A RECOVERY | SELF STORAGE INDUSTRY OVERVIEW | COMPANY OVERVIEW | TRACK RECORD OF PERFORMANCE | MULTI-FACETED GROWTH STRATEGY | FLEXIBLE CAPITAL STRUCTURE | CORPORATE RESPONSIBILITY | APPENDIX Utilizing Proceeds From Asset Sales And JV Contributions To Repurchase Shares, Acquire Properties, And Invest Back Into Our Existing Assets To Enhance Future Growth Prospects ~$550M Of Asset Sales Since Beginning of 2023 ~$347M Of Properties Contributed To Joint Venture in 2024 $675M Share Repurchase Completed (2022-2024) ~$345M Of Acquisitions Since Beginning Of 2023 ($308M Consolidated + $37M Joint Venture At NSA Share) Plus… Ongoing Reinvestment In Existing Portfolio Via Expansions, Upgrades And Unit Reconfigurations
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11 Revenue Management Strategy: Focus on Maximizing Revenues POISED FOR A RECOVERY | SELF STORAGE INDUSTRY OVERVIEW | COMPANY OVERVIEW | TRACK RECORD OF PERFORMANCE | MULTI-FACETED GROWTH STRATEGY | FLEXIBLE CAPITAL STRUCTURE | CORPORATE RESPONSIBILITY | APPENDIX RevPAF Has Improved Sequentially YTD 2025 vs a Decline In YTD 2024, Despite The Negative YoY Occupancy Gap Widening …Despite The YoY Occupancy Gap Widening RevPAF Has Improved 90bps YTD 2025, vs a 130bps Decline For The Same Period In 2024… $12.00 $12.50 $13.00 1-Jan 8-Jan 15-Jan 22-Jan 29-Jan 5-Feb 12-Feb 19-Feb 26-Feb 5-Mar 12-Mar 19-Mar 26-Mar 2-Apr 9-Apr 16-Apr 23-Apr 30-Apr 7-May 14-May 21-May 28-May RevPAF: 2025 Same-Store Pool(1) 2025 2024 -1.5% -1.0% -0.5% 0.0% 0.5% 1.0% 1.5% 2025 YTD Sequential Change 2024 YTD Sequential Change Revenue Management Strategy Is Driving Positive RevPAF Trends in 2025(2) Occupancy RevPAF (1) RevPAF as shown here represents the annual contract storage rent for in-place customers divided by total rentable square feet. RevPAF excludes commercial, residential and covered parking space, and excludes fees, discounts, and uncollectable customer amounts. Data as of May 31, 2025 (2) As of May 31, 2025 83% 85% 87% 1-Jan 8-Jan 15-Jan 22-Jan 29-Jan 5-Feb 12-Feb 19-Feb 26-Feb 5-Mar 12-Mar 19-Mar 26-Mar 2-Apr 9-Apr 16-Apr 23-Apr 30-Apr 7-May 14-May 21-May 28-May Occupancy: 2025 Same-Store Pool(1) 2025 2024
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12 NSA’s Platform And Technology Initiatives Drive Improving Performance POISED FOR A RECOVERY | SELF STORAGE INDUSTRY OVERVIEW | COMPANY OVERVIEW | TRACK RECORD OF PERFORMANCE | MULTI-FACETED GROWTH STRATEGY | FLEXIBLE CAPITAL STRUCTURE | CORPORATE RESPONSIBILITY | APPENDIX Recently Completed / Launched PRO Internalization Brand Consolidation NSAstorage.com Medium Term Machine Learning Model AI & Automation In The Customer Experience Customer Experience Portal Storage Selector Support Center Of Excellence Data Warehouse & Custom Centralized Control Center
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13 NSAstorage.com: Consolidation Of Websites = Resource & Platform Efficiency POISED FOR A RECOVERY | SELF STORAGE INDUSTRY OVERVIEW | COMPANY OVERVIEW | TRACK RECORD OF PERFORMANCE | MULTI-FACETED GROWTH STRATEGY | FLEXIBLE CAPITAL STRUCTURE | CORPORATE RESPONSIBILITY | APPENDIX No Longer Compete Against Ourselves In Google Ad Auctions Reduce Cost Of Individual Clicks Increase Conversion Rate With More Store Choices On Website Migrated Over To One Website All NSA Stores Now On NSAstorage.com
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14 NSAstorage.com: Consolidation Began May 2024 POISED FOR A RECOVERY | SELF STORAGE INDUSTRY OVERVIEW | COMPANY OVERVIEW | TRACK RECORD OF PERFORMANCE | MULTI-FACETED GROWTH STRATEGY | FLEXIBLE CAPITAL STRUCTURE | CORPORATE RESPONSIBILITY | APPENDIX Positive Implications: Improved Ranking In Local Search Results (Lower Numbers Are Better) 7.1 ID 6.2 IA 8.7 MO 10.7 OH 6.7 NJ 8.6 MA 4.4 MS January 2024 – Before Transition(1) May 2025 – 12 Months Into Transition(1) 13.5 RI 12.4 KS 11.6 TN (1) Number represents ranking position in search results. Source: BrightLocal. 13.0 TX 8.9 CA 10.8 FL 8.2 GA 11.3 AZ 10.0 OR 4.9 ID 6.8 IA 4.6 MO 3.8 OH 3.6 NJ 4.5 MA 2.2 MS 5.3 RI 6.6 KS 6.5 TN 6.4 TX 6.2 CA 5.8 FL 5.5 GA 9.1 AZ 5.4 OR
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15 Long Term Testing: Informs Evolving Machine Learning Models POISED FOR A RECOVERY | SELF STORAGE INDUSTRY OVERVIEW | COMPANY OVERVIEW | TRACK RECORD OF PERFORMANCE | MULTI-FACETED GROWTH STRATEGY | FLEXIBLE CAPITAL STRUCTURE | CORPORATE RESPONSIBILITY | APPENDIX Forecasting Model: Tying Together Pricing, ECRI & Paid Marketing Set Rental Goal Predict Demand & Lifetime Value Predict Move-Outs From Churn + ECRI Change Spend & Rate To Meet Rental Goals Strategy Split Up Similar MSAs Into Strategic Variations For Effective Testing Measuring Success Revenue Street RatesMarketing Spend Occupancy Rentals OpportunitiesMarketing (Spend/Revenue) Conversion Rate (Opportunities/Sessions) ECRI
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16 Market Case Study – Portland: Has Inflected Positive & Continues To Improve POISED FOR A RECOVERY | SELF STORAGE INDUSTRY OVERVIEW | COMPANY OVERVIEW | TRACK RECORD OF PERFORMANCE | MULTI-FACETED GROWTH STRATEGY | FLEXIBLE CAPITAL STRUCTURE | CORPORATE RESPONSIBILITY | APPENDIX Portland MSA Is Benefiting From Our Applied Strategies And Easing Supply Pressure (1) RevPAF as shown here represents the annual contract storage rent for in-place customers divided by total rentable square feet. RevPAF excludes commercial, residential and covered parking space, and excludes fees, discounts, and uncollectable customer amounts. Data as of May 31, 2025 (2) Source: Yardi Matrix. Lease-up facilities (defined as facilities delivered in the past 24 months), and under construction stores shown are within a 3-mile radius of NSA facilities • Portland is further along in benefitting from NSA’s centralized tools as it has been operated under the corporate platform since 2022 • Supply pressure has eased with just six competing facilities in lease-up, and three under construction within a 3-mile radius of NSA facilities • Portland RevPAF inflected positive on a YoY basis during Q4 2024, and continues to improve YTD $14.60 $14.80 $15.00 $15.20 $15.40 $15.60 1-Jan 8-Jan 15-Jan 22-Jan 29-Jan 5-Feb 12-Feb 19-Feb 26-Feb 5-Mar 12-Mar 19-Mar 26-Mar 2-Apr 9-Apr 16-Apr 23-Apr 30-Apr 7-May 14-May 21-May 28-May Portland Same-Store RevPAF(1) 2025 2024 Supply Pressure Has Eased(2)
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17 Market Case Study – Riverside: Steady Improvement Post PRO Transition POISED FOR A RECOVERY | SELF STORAGE INDUSTRY OVERVIEW | COMPANY OVERVIEW | TRACK RECORD OF PERFORMANCE | MULTI-FACETED GROWTH STRATEGY | FLEXIBLE CAPITAL STRUCTURE | CORPORATE RESPONSIBILITY | APPENDIX $12.25 $12.50 $12.75 $13.00 $13.25 $13.50 $13.75 1-Jan 8-Jan 15-Jan 22-Jan 29-Jan 5-Feb 12-Feb 19-Feb 26-Feb 5-Mar 12-Mar 19-Mar 26-Mar 2-Apr 9-Apr 16-Apr 23-Apr 30-Apr 7-May 14-May 21-May 28-May Riverside-San Bernadino Same-Store RevPAF(1) 2025 2024 • Riverside-San Bernardino slowly improving following the PRO transition and brand consolidation (4 brands to 2) • New supply impacting just a few stores Rebranding Efforts Starting To Take Hold New Supply Pressure is Manageable(2) (1) RevPAF as shown here represents the annual contract storage rent for in-place customers divided by total rentable square feet. RevPAF excludes commercial, residential and covered parking space, and excludes fees, discounts, and uncollectable customer amounts. Data as of May 31, 2025 (2) Source: Yardi Matrix. Lease-up facilities (defined as facilities delivered in the past 24 months), and under construction stores shown are within a 3-mile radius of NSA facilities
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18 Market Case Study – Atlanta: Oversupplied, Improvement Will Take Time POISED FOR A RECOVERY | SELF STORAGE INDUSTRY OVERVIEW | COMPANY OVERVIEW | TRACK RECORD OF PERFORMANCE | MULTI-FACETED GROWTH STRATEGY | FLEXIBLE CAPITAL STRUCTURE | CORPORATE RESPONSIBILITY | APPENDIX (1) RevPAF as shown here represents the annual contract storage rent for in-place customers divided by total rentable square feet. RevPAF excludes commercial, residential and covered parking space, and excludes fees, discounts, and uncollectable customer amounts. Data as of May 31, 2025 (2) Source: Yardi Matrix. Lease-up facilities (defined as facilities delivered in the past 24 months), and under construction stores shown are within a 3-mile radius of NSA facilities Significant Total New Supply Concentrated Outside the Urban Core2) NSA’s Portfolio Facing Significant Supply Pressure (2) $9.00 $10.00 $11.00 $12.00 1-Jan 8-Jan 15-Jan 22-Jan 29-Jan 5-Feb 12-Feb 19-Feb 26-Feb 5-Mar 12-Mar 19-Mar 26-Mar 2-Apr 9-Apr 16-Apr 23-Apr 30-Apr 7-May 14-May 21-May 28-May Atlanta Same-Store RevPAF(1) 2025 2024 • New supply is concentrated outside the urban core, which is disproportionately impacting NSA’s suburban-focused portfolio Atlanta Will Remain Under Pressure Due To Elevated New Supply In NSA’s 3-Mile Radius
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Self Storage Industry Overview 2 19
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Highly Fragmented Industry: Consolidation Opportunity Market Share by # of Facilities(1) (Approximately 58,000 self storage facilities in the U.S.) Self Storage Top Operator Market Share (1) Source: 2025 Self Storage Almanac. (2) Represents top 100 operators, excluding publicly traded REITs and UHAL. (3) Includes CUBE, EXR, PSA, SMA and UHAL. 20 By Number of Facilities By Rentable SF Large Private Operators 13%(2) NSA 2% All Other Public Operators 19%(3) All Other Private Operators 67% POISED FOR A RECOVERY | SELF STORAGE INDUSTRY OVERVIEW | COMPANY OVERVIEW | TRACK RECORD OF PERFORMANCE | MULTI-FACETED GROWTH STRATEGY | FLEXIBLE CAPITAL STRUCTURE | CORPORATE RESPONSIBILITY | APPENDIX 50% 59% 53% 36% 33% 31% 28% 20% 0% 10% 20% 30% 40% 50% 60% TOP 100 TOP 50 TOP 25 TOP 5
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Apartments 12.7% Health Care 12.0% Retail 11.3% Office 10.5% Industrial 13.3% Diversified 7.3% Lodging 8.6% Self Storage 16.7% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 Avg. % Total Return per Year: 1994-2024 Volatility Ratio: Std Deviation of Return divided by Avg. Return 1994-2024 Self Storage: Higher Returns, Lower Volatility Self Storage Has Outperformed Over The Past 31 Years NAREIT Equity REIT Sectors: 31 Yrs. Avg. Return vs. Volatility(1) Even in the worst five-year period, self storage delivered >4.5% average total shareholder return per year(1) Higher Return Lower Volatility 21 Average annual return across each 5-year period Lowest average annual total return over a 5-year period (1) Source: NAREIT, see appendix for additional detail. POISED FOR A RECOVERY | SELF STORAGE INDUSTRY OVERVIEW | COMPANY OVERVIEW | TRACK RECORD OF PERFORMANCE | MULTI-FACETED GROWTH STRATEGY | FLEXIBLE CAPITAL STRUCTURE | CORPORATE RESPONSIBILITY | APPENDIX 15.1% 10.9% 10.8% 10.3% 9.2% 7.6% 6.3% 3.6% 4.7% -16.2% 3.2% 1.2% -5.4% -7.0% -6.7% -12.3% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% Self Storage Industrial Apartments Health Care Retail Office Diversified Lodging / Resorts
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Company Overview 3 22
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Q1 2025 Update 23 $13.5M Transaction Activity 1.8% Y-O-Y Growth In Dividends Paid Per Share -5.7% Y-O-Y Same Store NOI Growth -10.0% Y-O-Y Core FFO/Share Growth 83.9% Same Store Avg. Occupancy -3.0% Y-O-Y Same Store Revenue Growth States + Puerto Rico 41 Well-Diversified Across $9.1B Total Enterprise Value(1) 1,075 Properties (1) See appendix for definition. POISED FOR A RECOVERY | SELF STORAGE INDUSTRY OVERVIEW | COMPANY OVERVIEW | TRACK RECORD OF PERFORMANCE | MULTI-FACETED GROWTH STRATEGY | FLEXIBLE CAPITAL STRUCTURE | CORPORATE RESPONSIBILITY | APPENDIX
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= 0% < 2% 2 - 5% 5 - 10% >10% Strategic Focus In Sunbelt Markets Sunbelt(1) 66% By Store Count Largest MSA 7.7% Of Same Store Revenue In Q1 2025 (Riverside-San Bernardino-Ontario, CA) (1) NSA defines the Sunbelt as the following states: AL, AR, AZ, CA, FL, GA, LA, MS, NC, NM, NV, OK, SC, TN and TX. 24 % of NSA properties POISED FOR A RECOVERY | SELF STORAGE INDUSTRY OVERVIEW | COMPANY OVERVIEW | TRACK RECORD OF PERFORMANCE | MULTI-FACETED GROWTH STRATEGY | FLEXIBLE CAPITAL STRUCTURE | CORPORATE RESPONSIBILITY | APPENDIX
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Secondary Market Outperformance NSA properties outside of the top 25 MSAs have outperformed NSA properties in the top 25 MSAs over the past five years and we have increased our exposure to these markets(1) (1) Figures may not sum to 100% due to rounding. Annual Average Same Store Growth 2020 - 2024 Revenue NOI % of Same Store Revenues 2024 2020 % of Same Store NOI 25 2024 2020 POISED FOR A RECOVERY | SELF STORAGE INDUSTRY OVERVIEW | COMPANY OVERVIEW | TRACK RECORD OF PERFORMANCE | MULTI-FACETED GROWTH STRATEGY | FLEXIBLE CAPITAL STRUCTURE | CORPORATE RESPONSIBILITY | APPENDIX 6.1% 7.0% 7.1% 5.3% 6.1% 6.2% 0% 3% 6% 9% MSA 1-25 MSA 26-100 MSA 101+ 48% 33% 19% 42% 33% 26% 0% 20% 40% 60% MSA 1-25 MSA 26-100 MSA 101+ 48% 32% 19% 42% 33% 25% 0% 20% 40% 60% MSA 1-25 MSA 26-100 MSA 101+
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NSA’S Top 15 Markets – Supply Outlook Favorable 26 See description of methodology in Appendix. POISED FOR A RECOVERY | SELF STORAGE INDUSTRY OVERVIEW | COMPANY OVERVIEW | TRACK RECORD OF PERFORMANCE | MULTI-FACETED GROWTH STRATEGY | FLEXIBLE CAPITAL STRUCTURE | CORPORATE RESPONSIBILITY | APPENDIX Riverside-San Bernardino-Ontario, CA Portland-Vancouver- Hillsboro, OR-WA Houston-Pasadena-The Woodlands, TX Atlanta-Sandy Springs-Roswell, GA Phoenix-Mesa- Chandler, AZ Los Angeles-Long Beach- Anaheim, CA Dallas-Fort Worth- Arlington, TX McAllen-Edinburg- Mission, TX North Port- Bradenton- Sarasota, FL Oklahoma City, OK Austin-Round Rock- San Marcos, TX Orlando- Kissimmee- Sanford, FL Las Vegas- Henderson- North Las … Brownsville-Harlingen, TX Tampa-St. Petersburg- Clearwater, FL 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% Est Supply Growth / Est Demand Growth % of 2025 Budget - All NSA Stores and 25% of JV Stores Supply Outpacing Demand Demand Outpacing Supply
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Why Invest In NSA? The self storage sector has proven recession resilient and has been the best performing REIT sub-sector over the long term(1) Simplification of company structure should drive multiple expansion going forward Geographic diversification - Across Sunbelt, Secondary and Suburban markets Attractive dividend yield - NSA’s dividend rate has grown 73% over the past five years (Q1 2025 vs Q1 2020) and has a current yield of 6.6%(2) NSA has outperformed the self storage peer group average in average quarterly Core FFO/sh growth since its IPO in 2015 Recent strategic initiatives position the company for accelerated earnings growth when macro fundamentals improve (1) See slide 21. (2) As of May 30, 2025. 27POISED FOR A RECOVERY | SELF STORAGE INDUSTRY OVERVIEW | COMPANY OVERVIEW | TRACK RECORD OF PERFORMANCE | MULTI-FACETED GROWTH STRATEGY | FLEXIBLE CAPITAL STRUCTURE | CORPORATE RESPONSIBILITY | APPENDIX
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Track Record Of Performance 4 28
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Trailing Five Years Of Performance (Q2 2020 – Q1 2025) 29POISED FOR A RECOVERY | SELF STORAGE INDUSTRY OVERVIEW | COMPANY OVERVIEW | TRACK RECORD OF PERFORMANCE | MULTI-FACETED GROWTH STRATEGY | FLEXIBLE CAPITAL STRUCTURE | CORPORATE RESPONSIBILITY | APPENDIX $- $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 $0.70 $0.80 $- $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 $0.70 $0.80 Q2-20 Q2-21 Q2-22 Q2-23 Q2-24 Core FFO/share Dividend/Share 0 10 20 30 40 50 60 70 80 90 0 200 400 600 800 1,000 1,200 Q2-20 Q2-21 Q2-22 Q2-23 Q2-24 # Properties RSF (MM)
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Trailing Five Years Of Performance (Q2 2020 – Q1 2025) 30 NSA PSA CUBE EXR POISED FOR A RECOVERY | SELF STORAGE INDUSTRY OVERVIEW | COMPANY OVERVIEW | TRACK RECORD OF PERFORMANCE | MULTI-FACETED GROWTH STRATEGY | FLEXIBLE CAPITAL STRUCTURE | CORPORATE RESPONSIBILITY | APPENDIX Total Shareholder ReturnAverage Quarterly Core FFO Per Share Growth 11.4% 9.9% 9.9% 9.7% 0% 5% 10% 15% 20% 93.6% 86.1% 86.0% 68.5% 0% 20% 40% 60% 80% 100%
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Trailing Five Years Of Performance (Q2 2020 – Q1 2025) 31 NSA PSA CUBE EXR (1) PSA’s same store NOI figures reflect “Same store direct NOI growth”. POISED FOR A RECOVERY | SELF STORAGE INDUSTRY OVERVIEW | COMPANY OVERVIEW | TRACK RECORD OF PERFORMANCE | MULTI-FACETED GROWTH STRATEGY | FLEXIBLE CAPITAL STRUCTURE | CORPORATE RESPONSIBILITY | APPENDIX Average Quarterly Same Store Revenue Growth Average Quarterly Same Store NOI Growth(1) 6.9% 5.8% 5.7% 5.4% 0% 2% 4% 6% 8% 8.1% 7.1% 6.5% 6.2% 0% 2% 4% 6% 8% 10%
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5 Multi-Faceted Growth Strategy 32
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People, Process & Platform: Driving Internal Growth LEVERAGE DATA TO BUILD SOPHISTICATED STRATEGIES • Modern data warehouse • Sophisticated paid marketing, pricing and promotion strategies • Data science-driven revenue management • Advanced SEO practices OPERATIONAL EXCELLENCE • Continuous improvements to Web and Mobile experience • NSA-Built Call Center Solution • Store-level enhancements DELIVERING NOI & MEETING CUSTOMER NEEDS 33 SEAMLESS & ENHANCED CUSTOMER EXPERIENCE • Streamlining the unit selection process • Online lease • Remote site management POISED FOR A RECOVERY | SELF STORAGE INDUSTRY OVERVIEW | COMPANY OVERVIEW | TRACK RECORD OF PERFORMANCE | MULTI-FACETED GROWTH STRATEGY | FLEXIBLE CAPITAL STRUCTURE | CORPORATE RESPONSIBILITY | APPENDIX
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Sector-Leading Margin Improvement With Room To Expand Same-Store NOI Margin Expansion Since Beginning of 2017 through 2024(1) (1) Based on reported full-year same-store NOI margins in 2016 and 2024. For NSA, 2016 was the first full year post-IPO of reported performance. PSA’s 2024 margin is calculated based on same-store direct NOI. Same-Store NOI Margin Full-Year 2024 34 NSA PSA CUBE EXR POISED FOR A RECOVERY | SELF STORAGE INDUSTRY OVERVIEW | COMPANY OVERVIEW | TRACK RECORD OF PERFORMANCE | MULTI-FACETED GROWTH STRATEGY | FLEXIBLE CAPITAL STRUCTURE | CORPORATE RESPONSIBILITY | APPENDIX 3.3% 0.9% 0.3% -0.7% -2% -1% 0% 1% 2% 3% 4% 78.5% 74.1% 71.8% 71.2% 0% 20% 40% 60% 80%
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Relationship-Driven Transactions Fuel Growth Annual Acquisition Volume Since IPO(1) (1) $ Millions 2020 – 2024 Wholly-Owned Acquisition Volume by Source Wholly-Owned Joint Venture 35POISED FOR A RECOVERY | SELF STORAGE INDUSTRY OVERVIEW | COMPANY OVERVIEW | TRACK RECORD OF PERFORMANCE | MULTI-FACETED GROWTH STRATEGY | FLEXIBLE CAPITAL STRUCTURE | CORPORATE RESPONSIBILITY | APPENDIX Marketed 45% Off-Market / Captive Pipeline 55% $313.0 $1,351.4 $486.1 $1,651.5 $447.8 $565.2 $2,175.0 $783.4 $229.5 $212.7 $13.5 $0 $500 $1,000 $1,500 $2,000 $2,500 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD
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6 Flexible Capital Structure Supports Future Growth 36
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BBB RATED Outlook Stable By Kroll Bond Rating Agency CAPITAL FOR GROWTH MULTIPLE SOURCES OF EQUITY $950M Unsecured Revolving Line of Credit KEY CREDIT METRICS(1) 6.9x Net Debt/ Adjusted EBITDA 3.0x Interest Coverage Ratio UNSECURED & SECURED DEBT JOINT VENTURES Flexible Capital Structure 37 (1) See Appendix for calculation methodology. POISED FOR A RECOVERY | SELF STORAGE INDUSTRY OVERVIEW | COMPANY OVERVIEW | TRACK RECORD OF PERFORMANCE | MULTI-FACETED GROWTH STRATEGY | FLEXIBLE CAPITAL STRUCTURE | CORPORATE RESPONSIBILITY | APPENDIX
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Flexible Capital Structure Total Enterprise Value - $9.1 Billion(1) 38 Debt 38% Equity 62% (1) See appendix for definition. POISED FOR A RECOVERY | SELF STORAGE INDUSTRY OVERVIEW | COMPANY OVERVIEW | TRACK RECORD OF PERFORMANCE | MULTI-FACETED GROWTH STRATEGY | FLEXIBLE CAPITAL STRUCTURE | CORPORATE RESPONSIBILITY | APPENDIX
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Investment Grade Balance Sheet Provides Strength And Flexibility To Finance Growth Total Principal Debt Outstanding $3.4B Weighted Average Maturity 4.7 YEARS Effective Interest Rate 4.5% See description of terms in Appendix: Definitions and Methodology. 39POISED FOR A RECOVERY | SELF STORAGE INDUSTRY OVERVIEW | COMPANY OVERVIEW | TRACK RECORD OF PERFORMANCE | MULTI-FACETED GROWTH STRATEGY | FLEXIBLE CAPITAL STRUCTURE | CORPORATE RESPONSIBILITY | APPENDIX Minimal Secured DebtMinimal Variable Rate Exposure Variable 12% Fixed Swapped 88% Secured 6% Unsecured 94%
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Well-Laddered Debt Maturity Schedule RLOC Term Loans Private Placement Mortgage Debt Maturity Schedule ($ in millions) Based on actual consolidated debt as of March 31, 2025. Figures assume exercise of maturity extension option on the RLOC, which extends the maturity to 2028 from 2027. 40POISED FOR A RECOVERY | SELF STORAGE INDUSTRY OVERVIEW | COMPANY OVERVIEW | TRACK RECORD OF PERFORMANCE | MULTI-FACETED GROWTH STRATEGY | FLEXIBLE CAPITAL STRUCTURE | CORPORATE RESPONSIBILITY | APPENDIX - 200 400 600 800 1,000 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036
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7 Corporate Responsibility Overview 41
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Sustainability • Over 850 of our properties have LED lighting • Vast majority of properties have motion- sensor- controlled lighting • All HVAC replacements completed with energy efficient models • Approximately 20 of our properties have solar arrays installed • In 2024, entered into agreement targeting the addition of 100 megawatts of solar (~150 sites) • Right sizing waste containers • Reducing the frequency of pick ups • Water-saving plumbing devices • Landscaping features that minimize water consumption 42 POISED FOR A RECOVERY | SELF STORAGE INDUSTRY OVERVIEW | COMPANY OVERVIEW | TRACK RECORD OF PERFORMANCE | MULTI-FACETED GROWTH STRATEGY | FLEXIBLE CAPITAL STRUCTURE | CORPORATE RESPONSIBILITY | APPENDIX
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Community & Team • 52% of our employees identify as female(1) • 30% identify as racially or ethnically diverse(1) • 33% of senior management, at the director level or above, identify as female(1) • Founding Donor to Nareit Foundation’s Dividends Through Diversity Giving Campaign • Our SecurCare brand was recognized by Newsweek Media as one of America’s Best Customer Service Brands for 2024 • National Storage Affiliates has partnered with Feeding America to provide over 1.5 million meals annually to individuals facing food insecurity. (1) As of Dec. 31, 2024, 43 POISED FOR A RECOVERY | SELF STORAGE INDUSTRY OVERVIEW | COMPANY OVERVIEW | TRACK RECORD OF PERFORMANCE | MULTI-FACETED GROWTH STRATEGY | FLEXIBLE CAPITAL STRUCTURE | CORPORATE RESPONSIBILITY | APPENDIX
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Corporate Governance Highlights GRESB & CDP – participated in the 2024 assessments Vendor code of conduct 8 of 11 trustees are independent Separate chairperson and CEO roles Opted out of MUTA No “poison pill” plan Annual election of all trustees Cybersecurity subcommittee 44POISED FOR A RECOVERY | SELF STORAGE INDUSTRY OVERVIEW | COMPANY OVERVIEW | TRACK RECORD OF PERFORMANCE | MULTI-FACETED GROWTH STRATEGY | FLEXIBLE CAPITAL STRUCTURE | CORPORATE RESPONSIBILITY | APPENDIX
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Appendix (including Definitions and Methodology) 8 45
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Definitions And Methodology 46 Total Enterprise Value: The sum of the Company’s debt principal outstanding plus the perpetual preferred series A, perpetual preferred series B, and common equity valued at the closing price per share, as of March 31, 2025, of $21.89, $21.56 and $39.40, respectively. Net Debt To Annualized Current Quarter Adjusted EBITDA: NSA calculates net debt to Adjusted EBITDA as debt financing less cash and cash equivalents (both as reflected on the consoli dated balance sheet), divided by annualized current quarter Adjusted EBITDA. Interest Coverage Ratio: Computed by dividing Adjusted EBITDA by interest expense for most recently reported quarter. EBITDA: net income (loss), as determined under GAAP, plus interest expense, loss on early extinguishment of debt, income taxes, depre ciation and amortization expense and the Company's share of unconsolidated real estate venture depreciation and amortization. Adjusted EBITDA: EBITDA plus acquisition costs, integration costs, executive severance costs, equity-based compensation expense, losses on sale of properties, impairment of long-lived assets and casualty-related expenses, losses and recoveries, minus gains on sale of properties and debt forgiveness, and after adjustments for unconsolidated partnerships and joint ventures, including the removal of the non-cash effect of applying hypothetical liquidation at book value (HLBV) for purposes of allocating GAAP net income (loss) for the 2024 Joint Venture. Dividend Yield: Calculated based on second quarter 2025 quarterly annualized dividend of $2.28 divided by market closing price of NSA’s common shares on My 30, 2025 of $34.40. Effective Interest Rate: Incorporates the stated rate plus the impact of interest rate cash flow hedges and discount and premium amortization, if appl icable. For the $950 million revolving line of credit, the effective interest rate is calculated based on Daily Simple SOFR plus an applicable margin of 1.30% and a SOFR Index Adjustment of 0.10%, and excludes fees which range from 0.15% to 0.20% for unused borrowings. Page 21 – Sector Average Annual Total Shareholder Returns for Each 5-Year Period (All US Public Equity REITs) Over the past 31 years ended 2024. Annual total shareholder returns calculated as five-year IRRs on NAREIT’s individual property sector total return index levels, for 27 separate 5-year periods from 1994-1998 through 2020 - 2024. Lowest average annual return periods for each sector are the five years ended: Self Storage 2020; Apartments 2009; Health Care 2022; Industrial 2011; Retail 2020; Office 2022; Diversified 2024; Lodging / Resor ts 2002. Page 26 – Supply Graph Methodology 1.We estimate supply growth for each market as follows: first, we add together the expected total net rentable square footage a ttributable to (i) all Fill-Up and Under Construction Properties and (ii) 25% of all Planned and Prospective Properties. Properties refers to all self storage properties (including NSA’s) in the MSAs set forth above, tracked and reported by Yardi Matrix. Fill-Up are stores that have opened in the 24- month period prior to April 1, 2025. Under Construction are those currently under construction. Planned and Prospective are those with a permit in place or an approval pending to build. We divide this number by the total net rentable square footage of all properties in each market. 2.We estimate demand growth in each market by adding together (i) Experian's 5-year projections for the percentage increase in household growth in each market plus (ii) 5%, which represents our assumptions with respect to increased demand in each market irrespective of population growth. 3.The ratio of supply growth to demand growth is calculated based upon NSA's estimates and assumptions as set forth in footnote s 1 and 2 above. There can be no assurance that supply growth and demand growth in any market will correspond to such estimates. Some or all of our competitor's properties in these markets may not fill up, reach completion or be built at all or on the schedule currently contemplated and increases in population and non-population related demand may differ from our estimates and assumptions. 4.Circle sizes correspond to each MSA’s % share of NSA’s projected 2025 revenue, with JV properties accounted for at NSA’s 25% share. 5.Excludes the San Juan-Carolina-Caguas MSA due to lack of available supply data. POISED FOR A RECOVERY | SELF STORAGE INDUSTRY OVERVIEW | COMPANY OVERVIEW | TRACK RECORD OF PERFORMANCE | MULTI-FACETED GROWTH STRATEGY | FLEXIBLE CAPITAL STRUCTURE | CORPORATE RESPONSIBILITY | APPENDIX
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Contact Us Investor Relations George Hoglund, CFA Vice President – Investor Relations 720-630-2160 ghoglund@nsareit.net Corporate Headquarters National Storage Affiliates Trust 8400 East Prentice Avenue 9th Floor Greenwood Village, CO 80111 Website www.nsastorage.com 47SELF STORAGE INDUSTRY OVERVIEW | COMPANY OVERVIEW | TRACK RECORD OF PERFORMANCE | MULTI-FACETED GROWTH STRATEGY | FLEXIBLE CAPITAL STRUCTURE SUPPORTS FUTURE GROWTH | CORPORATE RESPONSIBILITY | APPENDIX